Crowdsourcing can take place on many different levels and across various industries. Thanks to our growing connectivity, it is now easier than ever for individuals to collectively contribute and share — in any form: Information, knowledge, Ideas, Suggestions, Time, Know-how & Expertise, or even Funds — to a project or cause. This practice of mobilizing the crowd to a particular cause is called crowdsourcing. In the below mentioned illustration we have tried to cite some of the Crowdsourced business model which entails the act of engaging a ‘crowd’ or group for a common goal — often innovation, problem solving, or efficiency.
This practice of sourcing elements from Crowd can help organizations with the access to new ideas and solutions. Some of the natural benefits of Crowd Business Models are, higher level and deeper consumer engagement, opportunities for co-creation, optimized tasks, and lower costs. The revolutionary practice has been brought into existence by the Internet and social media. Crowd sourced models have brought organizations together and closer to their stakeholders, laying the very groundwork for newer ways of , working together, collaborating and creating value together like never before.